Rio Tinto says Guinea iron-ore partner IFC to sell stake

Mining giant Rio Tinto said on Monday that the International Finance Corporation (IFC), a partner in its $20-billion Simandou iron-ore project in Guinea, is selling its 4.6% stake. The exit of IFC, an arm of the World Bank, is the latest setback for the project to develop the world's biggest untapped iron-ore reserves. In July, Rio Tinto's new Chief Executive Jean-Sebastien Jacques indicated the project had been shelved temporarily due to a sustained slump in prices.